22 June 2012 - In a meeting with Foreign Affairs Secretary Albert F. del Rosario on June 21, the Minister for International Trade of Canada MP Ed Fast committed to lead a Canadian business delegation to the Philippines this August to consider possible participation in various infrastructure projects under the Public-Private-Partnership (PPP) program.
Minister Fast also noted that "there is much more potential that needs to be explored because Philippines-Canada trade is relatively modest." In this regard, Secretary del Rosario highlighted the role of the Philippines-Canada Business Council, chaired by former Tourism Secretary Mina Gabor, which is slated to go to Canada this September on its fourth business mission.
Secretary del Rosario also informed Minister Fast about the economic headways of the Philippines over the past year and drew parallels as to both Canada's and the Philippines' resilience in the midst of the economic slump in other parts of the world. He also commended Minister Fast for his staunch advocacy for free and open trade and noted Canada's unique position as a top economic performer among G-7 countries, as well as the inherent dynamism of the Canadian economy and the effort to diversify its traditional market base for exports.
In response to Minister Fast's interest in Philippine mining laws, Secretary del Rosario informed him that a new Executive Order that strikes a balance between economic gains from extractive industries and envorinmental protection is expected to be signed soon by President Benigno S. Aquino III.
Minister Fast said that Canada is the "world's miner" with a good track record in corporate social responsibility and wants to partner with the Philippines in this area.
In 2011, Canada was the Philippines' 19th largest trading partner. Total trade in 2011 was valued at US$ 797.78 million. Exports were valued at US$ 417.79 million, making Canada the Philippines' 17th largest export market. Imports were valued at US$ 379.99 million, making Canada its 21st largest import source. The balance of trade last year was US$ 37.80 million, in favor of the Philippines. Canada accounts for about 5% of Philippine trade with North America in 2011.
Secretary del Rosario was accompanied to the meeting by Philippine Ambassador to Canada Leslie B. Gatan, Foreign Affairs Undersecretary for Policy Erlinda Basilio, Assistant Secretary for American Affairs Patricia Ann V. Paez, Ms. Cosette Canilao, Executive Director of the PPP Center of the Philippines, Director Senen Mangalile, and First Secretary and Consul Eric Gerardo Tamayo of the Philippine Embassy in Ottawa. END